Posted
30th May 2001
International
Monetary Fraud?
The Joint Action Committee (JAC), a consortium of NGOs working
for people's rights, protested against the policies of the World
Bank and International Monetary Fund (IMF), in front of the
Bank building under scorching heat here on Friday. Protesters,
carrying banners and placards with slogan against World Bank
and IMF, called for establishment of an independent national
commission on the WB and IMF-sponsored programmes, negotiations
for settlement of foreign debt and withdrawal of international
lending institution's demand for removal of agriculture subsidies.
Some of the protesters with heavy metal chains around their
necks, symbolised the shackles imposed on development of poor
countries by the policies of the Bretton Woods institutions.
The protesters also carried banners and placards with slogans
"IMF: International Monetary Fraud," "World Bank policies: poverty
elevation or alleviation," "Pakistan's loans should be written
off," "no hard loan to repay soft loan." In a press statement
issued on the occasion, the JAC termed the budget-influencing
exercise of Bank and the Fund as a violation of Pakistan's national
sovereignty and denial of the citizen's right to have participation
in decision-making on important issues. Expressing concern about
the initiative of World Bank to hold consultations with stakeholders
on the new Country Assistance Programme, the JAC expressed doubt
about the usefulness of such an exercise in the absence of paradigm
shifts and reforms within the Bretton Woods System.
The
JAC observed that the impact of lending by World Bank in infrastructure,
dams, energy, social services and policy reforms has so far
contributed only to increase poverty, destroy environment and
multiply the vulnerability of the deprived and poorest sections
of the society. In the memorandum presented to the acting World
Bank Country Director, Abid Hasan, the committee stressed the
need for meaningful dialogue between citizens and the World
Bank and the Fund. However, it observed that such a dialogue
was not possible without certain pre-requisites that included
transparency, full access to information and prior agreement
on the nature and content of dialogues.
Calling
for the establishment of an independent commission on the IMF
and the Bank-sponsored projects, the JAC declared that there
was a need for an independent commission, comprising Government
representatives, independent experts and representatives of
civil society organisations, to assess the developmental effectiveness
and performance of the projects, it demanded. Talking to the
representatives of the JAC, Abid Hassan, said that the World
Bank appreciated the concerns of the civil society organisations.
However, they should come up with concrete suggestions for incorporation
of their suggestions in the policy making process, he said,
adding, the doors of the Bank were open for all stakeholders
to hold regular consultations... yeah right.
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